For some it's about being more competitive, for others it's about survival.
The head of Prime Media Group has shared the impact of archaic regulations on his company with a Senate committee in Canberra.
In a drought it's the extremities of a lake that dry up first, Ian Audsley said on Thursday.
In the television lake, the extremities are regional broadcasters.
"That drought has hit us already. Three years ago when I sat here my company was worth $366 million, today it has a market value of a $130 million."
Other regional broadcasters WIN and Southern Cross Austereo expressed similar concerns and asked parliament to back the federal government's proposed shake-up to media laws.
But their view isn't shared by metropolitan free-to-air broadcasters such as Seven West Media and subscription providers, who are united in thinking the package to scrap some restrictions is "piecemeal".
Seven West Media CEO Tim Worner said his company is not necessarily opposed to changes to media ownership laws, but would prefer the government took a broader look at the industry.
He called for licence fees, which radio and TV broadcasters have to pay to the Australian Communications and Media Authority, to be cut.
They were halved from nine per cent of gross earnings to 4.5 per cent by the Gillard government in 2012.
"The situation with licence fees is now urgent for our businesses," Mr Worner said.
Senator Fifield has said he is sympathetic with the view that things have changed since the 1950s when there was only TV and radio, but no cut has yet been announced.
The coalition has instead proposed repealing the so-called reach rule, which prohibits a company from controlling commercial TV licences which reach more than 75 per cent of the population.
It also wants to scrap the two-out-of-three rule which prevents a proprietor from controlling more than two of three radio, TV and newspapers in an area.
Mr Worner warned against changes down the track to the anti-siphoning list, which limits first rights of sporting events to free-to-air broadcasters.
"That's something we should all be wary of," he said.
But the Australian Subscription Television and Radio Association wants the list to be limited to events of national significance.
CEO Andrew Maiden cited the "absurd" example of a FIFA football game between Ivory Coast and North Korea which is protected under the existing list.
"On no objective measure could that really be regarded as an event of national significance," he said.
Foxtel's Bruce Meagher also warned there is nothing to stop global streaming companies such as Netflix from coming in and buying the Australian Tennis Open out from underneath free-to-air broadcasters.
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